Though mortgage rates have generally been moving higher this week, one of America’s largest home lenders keeps moving things far in the other direction.
with rates as low as 1.875% — has just unveiled a 30-year fixed-rate loan that starts at just 1.999%.” data-reactid=”33″ type=”text”>United Wholesale Mortgage — the company that recently announced a 15-year fixed-rate mortgage with rates as low as 1.875% — has just unveiled a 30-year fixed-rate loan that starts at just 1.999%.
UWM’s new deal offers potentially huge savings for borrowers.
“Roughly speaking, this means a consumer with a $300,000 home who puts down 10% and refinances from a 3.14% to 1.999% interest rate can save nearly $128,785.56 over the life of the loan,” UWM said, in an email.
Rates far below the average
“The gain came as bond investors sold U.S. Treasury notes, in anticipation of a significant new government bond offering aimed at boosting fiscal stimulus for the weaker-than-expected economic recovery,” explains George Raitu, senior economist with Realtor.com. Mortgage rates closely follow the interest on 10-year Treasuries.
That allows the company to save on advertising and other overhead.
refinancing homeowners who haven’t closed on a United Wholesale Mortgage loan in the last 18 months.” data-reactid=”66″ type=”text”>The new 30-year loan, which is part of UWM’s ongoing Conquest low-cost mortgage program, is available to both homebuyers and refinancing homeowners who haven’t closed on a United Wholesale Mortgage loan in the last 18 months.
“We want to make sure our brokers have every advantage to win as many loans as possible, so we’re excited to do that and offer a great deal to a lot of consumers,” Mat Ishbia, UWM’s CEO, told Housing Wire.
Does the ultra, ultra-low mortgage rate have a catch?
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